Millat Tractors halts production due to GST refund delays

MG News | August 22, 2024 at 02:57 PM GMT+05:00

0:00

August 22, 2024 (MLN): Millat Tractors Limited (PSX: MTL) has halted production temporarily due to ongoing issues with GST refunds, the company's filing on PSX revealed today.

The company revealed that the GST on tractors is set at 10%, while the GST on all input raw materials is 18%, leading to a continuous backlog of refunds.

Despite multiple requests for clarification, the government has yet to issue a mechanism for processing these refund claims.

As a result, MTL has been forced to stop production until further notice.

Copyright Mettis Link News

Related News

K-Electric, Trident Energy sign key MoUs amid rising Saudi interest in Sindh

Macter secures PFS and PFP licenses

ISL to review CCP Order after Rs914m penalty over price-fixing allegations

Name	Price/Vol	%Chg/NChg
KSE100	163,098.19 607.60M	-0.87% -1432.62
ALLSHR	99,276.25 1,397.26M	-0.80% -801.63
KSE30	50,184.56 221.88M	-0.89% -450.56
KMI30	238,333.52 129.55M	-1.13% -2718.46
KMIALLSHR	65,792.54 685.73M	-0.99% -655.65
BKTi	45,653.52 111.72M	-1.00% -461.31
OGTi	32,313.25 10.70M	-1.57% -516.41

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	114,520.00	0.00 0.00	-2470.00 -2.11%
BRENT CRUDE	62.09	65.36 62.00	-3.13 -4.80%
RICHARDS BAY COAL MONTHLY	81.00	81.00 81.00	-1.60 -1.94%
ROTTERDAM COAL MONTHLY	90.50	0.00 0.00	0.40 0.44%
USD RBD PALM OLEIN	1,085.00	1,085.00 1,085.00	0.00 0.00%
CRUDE OIL - WTI	58.24	0.00 0.00	-0.66 -1.12%
SUGAR #11 WORLD	16.10	16.35 15.97	-0.16 -0.98%